2014 tsi-medical-presentation
DESCRIPTION
TRANSCRIPT
Your Cash-Flow Partner
Our Agenda
● Introductions● About Transworld Systems● Getting to Know You● The 4 Patient Payer Types● New Cash-Flow Solutions ● Recommendations & Next Steps
4 Quick Questions To Start
1. Who is in our meeting?
2. How many accounts are you billing monthly?
3. What practice management software do you use?
4. What would be most important consideration for you to make a change to your revenue cycle management process?
All providers should expect to be paid on time
Extending credit is a courtesy and should not bring financial or regulatory risk to a practice
Practices should be able to focus on their specialty, free from the burden of collections
Unpaid bills negatively impact everyone
Late-paying patients should be held accountable to their obligations in a dignified, lawful and respectful manner
The Healthcare Creditor’s Bill of Rights
Who is Transworld Systems?
oTransworld Systems represents more healthcare clients than any other agency (over 20,000 clients nationwide)
o We provide proven cash-flow solutions for practices of all sizes
o We work on a fixed-fee basis of around $12.00 per account
o We are a recognized healthcare collections compliance leader
o We have been working hard to improve our clients’ cash-flow since 1970
What the Experts Say…
“Transworld Systems has a success rate of four times the industry average”
“The company has a collection rate of well over 50%. The typical collection firm gets only 20% and keeps 25%-50% of recovered funds.”
“Transworld Systems has collected over $500 M for MGMA members… and exceeded our 90% member satisfaction requirement every year since the relationship began in 1998.”
- MGMA Staff
Let’s talk about you!
What Are Your Top A-R Priorities?
➊ Resolve currently delinquent accounts?
➋ Lowering internal effort & expense?
➌ A short term cash-flow solution?
➍ A long term cash-flow solution?
➎ Compliance concerns?
Change Is Hard
Possible reasons why you haven’t made a change yet…
o Didn’t want to lose control of the accounts
o Too time-consuming to find a new collections partner
o Too much change already going on
o Because you think that all collection agencies are about the same
Do any of those reasons
resonate with you?
Early Intervention Pays Off
Source: U.S. Department of Commerce
Account Collectability
Total Days Delinquent
Reasons You Must Collect As Quickly As Possible
1. Self Pay represents a bigger percentage of A/R than ever before2. People change insurance plans more often3. You are competing with commercial businesses to get paid4. It is too expensive to just keep billing and following up5. More complaints come from those patients who owe money (trying to justify non-payment)
6. Patients will go to another facility if they owe you money7. To stay in Business
Question:
What has automation
not yet touched in
the healthcare
world?
* Why not automate payment reminders too?
The FourPatient Payer Types
Here is what we know:➔ You deal with all four➔ They all require a different approach➔ It is a mistake to treat them all the same
The Four Types of Patients, and What Makes Them Pay
Statement
Reminders
3rd Party Impact
Professional CollectionsDelibera
te
Disrespectful
Distracted
Dutiful
We Offer A Staged Solution for Optimum Cash-Flow
C O L L E C T I O N S
Statement
Reminders
3rd Party Impact
Professional
Collector
Deliberate
Disrespectful
Distracted
Dutiful Pay upon receipt
Objective: Get to the Disrespectful and Deliberate Patients as quickly and inexpensively as possible
Introducing the 3 Cash-
Flow Services the Experts All Agree On
1. For Distracted Patients• We execute 5 reminders in your practice’s name• Over a 35 day timeframe• You pay a flat fee of between $6.00 - $15.00 per
account• Less expensive than sending
statements/letters/phone calls
For Distracted Patients
For Disrespectful Patients
- We make 5 Collection Demands
- You will recover from many
patients that pay as soon as a 3rd party is involved
- You pay flat fee between $6.00 - $15.00 per account for five collection agency demands
- All money goes directly to your practice (instant cash-flow)
We even say “Thank You” for paying
Optional&
Free
For Deliberate Debtors
• Our national team of professional collectors will turn up the heat on high-risk accounts
• Services include: skip-tracing, asset discovery & legal efforts
• Contingency/percentage based fee structure• Submit accounts and access reports from your
Online Client Portal (OCP)
It is time for the professional debtors to deal with professional
collectors
Five Collection Demands
Professional Collectors
Your Initial Statement or Invoice
Five 1st-Party Reminders
We Offer a Progressive
Staged Approach to
Account Resolution
Online client portal for submitting and reporting * demo available upon request
Interfaces with most leading PMS platformsFree Client launch & support24/7 AccessStaff training
Easy to Use
Are we already working with your PMS?
Are we already working with your Dental PMS?
We Are The Compliance Leader
In Conclusion, our solutions:
▪ Reduce internal expenses▪ Lower your days in A/R▪ Have the fastest ramp-up time in the industry
▪ Insure 100% regulatory compliance▪ Collect more money… much faster
Let’s look at some results
Performance Reports
FourQuestionsTo Start Collecting
➊ Where would you want us to start collecting? 30 • 45 • 60 • 75 • 90
➋ Start with 1st Party Reminders or Collection Agency Demands?
➌ How many accounts each month at that age?
➍ What test period do you want to use?
Fixed Fee PricingAppx. Number of
Accounts per MonthTotal Number of Accounts
(24 months) Cost Per Account
4 100 13.50
10 250 12.50
20 500 11.25
40 1,000 10.25
100 2,500 9.75
200 5,000 8.90
400 10,000 7.85
600 15,000 7.25
1000 25,000 6.75
2000 50,000 6.25
3000 75,000 6.00
4000 100,000 5.75
6000 150,000 5.50
8000 200,000 5.25
Selling Resources
Insurance Resolution Service▪ We have been accelerating claim resolution for
clients for over 20 years▪ We have learned that automation works on
insurance companies too▪ They will respond differently to a 3rd Party demand
than they will to a practice or hospital▪ We provide this service on the same fixed-fee price
schedule▪ Here is how it works…
Written Collection Demands Work To Resolve ClaimsFROM: Licensed collection agency
TO: Insurance carrier
BODY: Claim summary info
EMPHASIS: Stop stalling. Either pay us or resolve this claim.
FOOTNOTE: Legal language for that state
PAYMENT: All checks come directly to you.
Account Resolution Snapshot for an Example Healthcare Client
TSI Collections Benefits
▪ We utilize some of the most sophisticated technology in the industry. ▪ All accounts are scrubbed for bankruptcies, recently deceased, and the National Change of
Address (NCOA) database.▪ Accounts are skip-traced electronically to ensure we are using the most up-to-date contact
information available▪ All accounts with balances greater than $100.00 are appended with full credit bureau
reports▪ All accounts are initially scored and segmented before being worked. This ensures optimal
results are achieved.
Mixed Media Create Urgency
Contact 1:Diplomatic Reminder
Letter
Contact 2:Diplomatic Reminder
Call
Reminder Call #1:
Hello. This is not a telemarketing call. This is <TSI Client Name> calling regarding your account and a letter we recently sent you on <Date>. This message is for <Debtor Name>. Please contact us at your earliest convenience at <Phone> and reference your account number <Account>. Again, that’s <TSI Client Name> at <Phone>. Thank you for your immediate attention to this matter. To be connected to a representative, please press 1
Making Cash Flow®
Technology Makes a Difference
Contact 3:Diplomatic Reminder
Letter
Contact 4:Diplomatic Reminder
Call
Reminder Call #2:
Hello. This is not a telemarketing call. This is <TSI Client Name> calling for the second time regarding your account and a letter we recently sent you on <Date>. This message is for <Debtor Name>. Please contact us at your earliest convenience at <Phone> and reference your account number <Account>. Again, that’s <TSI Client Name> at <Phone>. Thank you for your immediate attention to this matter. To be connected to a representative, please press 1.
Making Cash Flow®
Contact 5:Final
WarningLetter
Making Cash Flow®
Puts patient on notice that they may be subject to further Collection activity if they don’t pay now.
42 Years of Proven Success
Making Cash Flow®
Demand 1 – Diplomatic, Intensive orBad Check
Options
Making Cash Flow®
Demand2
Or Choose A Call
Profit Recovery Call:Hello. This is an important message from Transworld Systems, a debt collection
company. This is an attempt to collect a debt and any information
obtained will be used for that purpose.
We are calling in reference to a letter we sent you on <Date> regarding our client <TSI Client Name>. Please return the call to <TSI Client Name> at <Phone>. Again, that’s <TSI Client Name> at <Phone>. When calling please refer to your id code <Account>.
Transworld Systems is a debt collection company and any information obtained will be used for that purpose. Thank you. To be connected to a representative, please press 1.
.
Making Cash Flow®
Demand3
Driving Urgency
Making Cash Flow®
Demand4
Or Choose A Call
Profit Recovery Call:Hello. This is an important message from Transworld Systems, a debt collection
company. This is an attempt to collect a debt and any information
obtained will be used for that purpose.
We are calling in reference to a letter we sent you on <Date> regarding our client <TSI Client Name>. Please return the call to <TSI Client Name> at <Phone>. Again, that’s <TSI Client Name> at <Phone>. When calling please refer to your id code <Account>.
Transworld Systems is a debt collection company and any information obtained will be used for that purpose. Thank you. To be connected to a representative, please press 1.
.
Demand5
Making Cash Flow®
ThankYou
Letter
Optional Thank You
Letter
(Remember, no credit reporting
done during Profit
Recovery – we are looking to maintain your relationship with your patients)
Let’s Compare
Assumptions: ▪Average Balance - $1,000
▪Total Number of Accts - 1,000
▪Current Agency Recovery Rate - 25%
▪Transworld Systems Recovery Rate 25% *
▪Current Agency Cost – 30%
▪Transworld Systems Cost - $ 6.75 per account**
The Bottom Line:
Current Agency Transworld Systems
Number of accounts: 1,000 1,000 Average Balance: $ 1,000 $ 1,000 Total Submitted: $1,000,000 $1,000,000 Average Recovery Rate: 25% 25% Total Recovered: $ 250,000 $ 250,000 Collection Cost: (30% vs. $6.75 ) $ 75,000 $ 6,975 NET dollars returned: $ 175,000 $ 243,023
➔ Additional Profit with Transworld Systems = $ 68,023 ***
What the “***” Mean
* 25 % is lower than our average recovery rate.
** Price is determined by number of accounts submitted monthly.
*** The real savings will come out of additional money collected by our program, and in internal savings. Also, the money will go directly to your lock box/bank account.